Definitions
It answers the question: "Why should a customer buy from you?"
1. Value Proposition
4 Ps
Product, Price, Place, and Promotion
Dividing the coffee market into segments like Health-Conscious, Budget-Minded Students, and Gourmet Enthusiasts.
Market Segmentation
The Internal Records System handles the data that is already generated inside the company's daily operations.
Internal Records System
The set of tactical marketing tools—Product, Price, Place, and Promotion
The Marketing Mix (4 Ps)
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
8. Customer Relationship Management (CRM)
Example: A new company starts by surveying potential customers about what they hate about current products, then designs its product solely around solving those problems.
5. The Marketing Concept
MARKETING
The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
The process of dividing a large, heterogeneous market into smaller groups (segments) of consumers with distinct needs, characteristics, or behaviors who might require separate marketing strategies.
7. Market Segmentation
2. Marketing Information System (MIS)
A structured set of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision-makers.
A company uses software to track monthly sales data, customer website clicks, and competitor pricing to create a sales forecast report.
2. Marketing Information System (MIS)
a key limitation or risk associated with relying solely on market intelligence data
The information can be biased, outdated, or incomplete.
The philosophy that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
5. The Marketing Concept
The right of consumers to control their personal data (e.g., name, location, purchases) and the ethical and legal obligations of companies to protect that data from unauthorized access or misuse.
3. Data Privacy
Example: A company clearly states its data usage policy and gives customers an easy way to opt-out of sharing their purchase history with third-party advertisers.
3. Data Privacy
involve making false promises or misrepresenting a product's features, price, or history to mislead consumers.
Deceptive Practices
Internal forces within a consumer that affect their attitudes and purchasing behavior. Marketers study these to understand why people buy.
Psychological Factors
The outside forces that affect marketing management's ability to build and maintain successful relationships with target customers (often uncontrollable).
Marketing Environment (External Factors)
A sports car company promises "Superior performance and exhilarating driving experience" rather than just a mode of transport.
1. Value Proposition
A consumer's Motivation (needs and wants) and Perception (how they select and interpret information) are classified as which type of factor that influences buying behavior?
Psychological